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Conference 7.286::dcu

Title:DCU
Notice:1996 BoD Election results in 1004
Moderator:CPEEDY::BRADLEY
Created:Sat Feb 07 1987
Last Modified:Fri Jun 06 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1041
Total number of notes:18759

42.0. "Second Mortgages DCU" by 57579::BAUMEISTER () Tue Sep 01 1987 13:05

    Has anyone out there ever taken out a second mortgage from DCU?
    
    If so, how long did the process take.
    
    Thanks.
    
    Connie
    
T.RTitleUserPersonal
Name
DateLines
42.1MORMPS::WINSTONJeff Winston (Hudson, MA)Tue Sep 01 1987 17:082
be warned - if you take out an H.E. line - they will replace your CRT 
with your H.E. line.  Thus, any overdrafts will be against your house
42.2Second Mortgage57579::BAUMEISTERTue Sep 01 1987 20:458
    I am planning on taking out a second mortgage, not an equity line.
    This way, I get the money right up front.
    
    I think it's easier...then you know what the monthly payment will
    be each month.
    
    Thanks.
    
42.3infoKOALA::FAMULAROJoe, ZK02-2/R94, DTN381-2565Tue Sep 01 1987 22:336
    If you are going to use ALL the money at once a second mortgage
    may be a good idea.  If not, you'll be paying interest on dollars
    you're not using.  With the equity line if you don't use it you don't 
    pay for it.